Redback Confined To Tight Range Despite Tad Firmer PBOC Fix

Spot USD/CNH fluctuates within a razor-thin range around neutral levels, last trading at CNH6.7596. Familiar technical picture remains in play. Bears keep an eye on Jun 15 low of CNH6.6669, while bulls look to a move through Jul 14 high of CNH6.7918.

• China's central bank delivered another slightly firmer than expected yuan fixing. The mid-point of the permitted USD/CNY trading band was set 21 pips below the sell-side estimate. This comes on the heels of Monday's 17-pip appreciation bias.
• China reported its highest daily COVID-19 case count since May 22, as the number of new infections detected on Monday reached 699.
• The SCMP reported that China's President Xi invited German, French, Italian and Spanish leaders to a November summit in Beijing but they are yet to give their answers.
• The PBOC will announce its Loan Prime Rate fixing tomorrow. Other than that, the local docket is rather light during the remainder of the day.